8990 Holdings Inc. will enter into high-end property development after it agreed to acquire 100 percent of the outstanding shares of Genvi Development Corp., developer of Monterrazas de Cebu.
Monterrazas de Cebu’s first phases have been launched and are in varied stages of development. In 2007, Monterrazas de Cebu offered its first high-end residential community, The Peaks and its accompanying clubhouse, Verandas.
The year after Peaks, Monterrazas de Cebu launched another residential community called North Ridge, an upscale subdivision with its own clubhouse called The Pavilions.
These existing projects, however, are less than half of the total land area of Monterrazas de Cebu.
With 8990 Holdings’ acquisition of Genvi Development Corp., the development of these upscale subdivisions and high-end residential communities will continue, with plans to offer other residential projects for those seeking luxury living close to the city.
“The acquisition of Monterrazas de Cebu firms up our intention to expand 8990 Holdings into other real estate segments that have proven to have strong demand in the past years,” said 8990 Holdings president and chief executive officer Willie J. Uy.
Prior to entering the upscale segment, 8990 Holdings also made moves to beef up and support its plans.
The company acquired new technologies which will be used in developing Monterrazas de Cebu and its future projects. It is also exploring architectural designs seen in the top cities around the world which will be adopted in the next phase of the Monterrazas de Cebu development.
The addition of Monterrazas de Cebu brings 8990 Holdings’s landbank to approximately 800 hectares. (PR)